So it’s not your imagination, the time to fill your job vacancies has grown substantially. The Dice-DFH Vacancy Duration Measure, recently reported the average time to fill a vacancy had jumped to almost 27 working days in February 2015.
While many companies track their average cost per hire, many lump all of their recruiting expenses together. Have you taken the time to see where your recruitment expenses come from? A recent study by Software Advice, highlights the average costs that simply advertising for an open position amounts to. You might be surprised to learn where you fall in comparison to other hiring managers.
With job boards reported as being the primary advertising channel for 85% of companies, there’s no denying the impact the online advertising market has had on recruiting strategies for employers. If you are investing in online job advertisements, be sure to get the most of your investment. Creating an online job posting that attracts talent, shoud involve a combination of creative marketing, SEO value, and sales.
Do you feel like you struggle more to attract talent than some of your competitors? You might. Companies with less than 50 employees often spend more money advertising per hire than larger companies. Hiring strategies for small business often require more of a proactive rather than reactive approach. Whether your organization is small or large, the power of internal referrals is undeniable. In a 2011 survey by Jobvite, 70% of employers reported feeling that referred candidates were a better fit for company culture and company values. If your organization does not have a referral program established, now is the time to start!
While the battle for skilled talent is always present, 64% of employers reported advertising entry level positions. A combination of high volume, lower wages, and inexperience often lead employers to experience high turnover for these lower end positions. At a price of $173 per hire in advertising expenses alone, be sure that you have incorporated ways to reduce employee turnover and implemented retention programs even for your less skilled positions.
Want to learn more about how you can gain access to Trillium’s national network of top level talent? Contact us today! If you are a stand out in your profession and seeking contingent or long term career opportunities, visit our job seekers section for more information!
Trillium, a national leader in staffing and recruitment is a valued staffing partner to over 5,000 companies nationwide. Trillium is privately owned by Oskar René Poch.